Page 9 - FIA Insight - Q3 - 2022

They’re Health-Conscious

This idea of invincibility contradicts a central
concern of millennials: health and longevity.

In its consumer surveys on health-and-wellness
trends, the Natural Marketing Institute (NMI) found
that 77% of Millennials saw a healthy, balanced
lifestyle as “very” or “extremely important.”

With online ecent research from McKinsey shows that “The Deloitte Global 2021 Millennial and Gen Z
as digitisation increases, it’s becoming
Survey showed that the worldwide pandemic
brands vying for Rmore and more difficult for almost all spurred Millennials to make health care and
the upcoming industries to gain a consumer’s limited attention. disease prevention their highest personal priority,”
Daniel Stoch points out.
generation’s mind The most crucial consumer is the one you’ve Wellness is a daily, active pursuit for millennials,
yet to reach, and there happens to be a whole
and money, here’s generation of like-minded ones. We spoke to says Stoch. “They are eating healthier and
how insurers industry experts about how they are reaching the exercising more than previous generations. Almost
millennial cohort – people of the ages between 26
half consider healthy eating a lifestyle choice as
can stay in the and 41 – a group of people who have expendable opposed to a goal-driven diet.”
spotlight in the income and live a significantly digitised life. A study by market research firm Nielsen showed
attention economy. Millennials are one of the largest generations in that 44% of millennials choose healthy living to
history, and they’re hitting their prime spending avoid high medical costs in the future.
years, notes Wimpie van der Merwe, CEO of
Global Choices. This is significant in terms of risk mitigation.
Fortunately, there are plenty of insights from Pandemic has highlighted the need to protect your
online interactions to work with. Social media has mental well-being. Healthscape’s “2020 Healthcare
dramatically improved the quality of information Trends Executive Brief’’ identified mental health
about this cohort. And in some ways, the data openness as one of the top trends in Millennials’
generated from this has turned users into a giant interactions with healthcare. In a YPulse survey
focus group. This, combined with more fine-tuned of Millennials and Gen Zers, 77% said that
assessments and investigations, reveals a lot about maintaining their mental health had become more
the group of people in question. Here’s what important to them during the pandemic. In January
South Africa’s top insurance minds have learned 2020, even before Covid-19 hit, 30% of millennials
about millennials. in a YouGov survey said that they had changed
their diet to improve their mental health.
They Underestimate Life Insurance
They’re On Their Phones
“There is a notion among young adults that life
insurance is unnecessary in your twenties, owing Millennial clients are more used to technology and
to a perceived lack of risk to which this population use this to do comparisons in products and pricing,
segment is exposed and an underestimation of says Peter Olyott CEO of Indwe Risk Services.
the long-term impact of suffering a life-changing
event,” points out Daniel Stoch, Head of Market Millennials have actively embraced social media
Analytics and R&D at Discovery Life. and technology, which has enabled greater access
to wellness information and has put personal
“Studies have shown that young adults have a health monitoring into the palms of their hands,
naïve sense of invincibility and under-appreciation says Daniel Stoch.
for the probability of suffering a life-changing
event,” he adds. “The younger generation of clients prefer to use
digital platforms that give them immediate access
“Discovery Life’s recent claim statistics have shown to their insurer, either online or through an app
that almost 40% of all deaths for millennials (clients on their phones. This has necessitated innovations
between the ages of 18 and 40) have been as such as the ability for clients to submit and
a result of unnatural causes. This incorporates monitor claims, as well as generate quotes on their
behavioural, yet largely controllable causes, such cell phones, says Precious Nduli, Head of Technical
as car accidents,” says Stoch. Marketing and Marketing at Discovery Insure.

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